Posts

• November 13, 2025

  CFEC Meeting (November 13, 2025)

  Content Type(s): Meetings Source(s): Canadian Foreign Exchange Committee

• Money Talks: How Foreign and Domestic Monetary Policy Communications Move Financial Markets

  Staff working paper 2025-33 Rodrigo Sekkel, Henry Stern, Xu Zhang

  We construct a dataset on Federal Reserve and Bank of Canada non-rate announcement events to provide novel insights into how foreign and domestic monetary policy communications affect the financial markets of open economies. We find that Fed non-rate communications have a stronger impact on long-term interest rates and stock futures, while Bank of Canada communications are relatively more important for short-term interest rates and the exchange rate.

  Content Type(s): Staff research, Staff working papers JEL Code(s): E, E5, E52, F, F3, F31, G, G1, G15 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Monetary policy tools and implementation, Structural challenges, International trade, finance and competitiveness
• November 12, 2025

  Summary of Governing Council deliberations: Fixed announcement date of October 29, 2025

  This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 29, 2025.

  Content Type(s): Publications, Summary of deliberations
• November 12, 2025

  Release of the Bank of Canada’s summary of deliberations 

  On Wednesday, November 12, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on October 29, 2025.

  Content Type(s): Press, Media advisories
• November 10, 2025

  Market Participants Survey—Third Quarter of 2025

  The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.

  Content Type(s): Publications, Market Participants Survey

• A Market-Based Approach to Reverse Stress Testing the Financial System

  Staff working paper 2025-32 Javier Ojea Ferreiro

  This article examines what market conditions lead to extreme losses in global financial systems. Using a reverse stress testing approach, it introduces two measures of systemic risk by starting from the tail losses and working backward to identify the events most closely associated with them.

  Content Type(s): Staff research, Staff working papers JEL Code(s): C, C0, C02, C3, C32, C5, C58, G, G2, G21 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
• November 6, 2025

  Bank of Canada webcasts The John Kuszczak Memorial Lecture

  On Thursday, November 6, 2025, the Bank of Canada will host its annual economic conference. This year’s theme is “Central Banking and the Future of Payments”. Academics, policy-makers, private sector economists and representatives from policy think tanks will be among those in attendance.

  Content Type(s): Press, Media advisories

• Uncovering Subjective Models from Survey Expectations

  Staff working paper 2025-31 Chenyu Hou, Tao Wang

  This paper shows that survey expectations can be used to uncover how households subjectively think about inflation and unemployment dynamics jointly. The commonly documented "stagflation view", namely the households' tendency to associate inflation with a worse labor market, implies amplified impacts of supply shocks and dampened ones of demand shocks.

  Content Type(s): Staff research, Staff working papers JEL Code(s): D, D8, D84, E, E2, E21, E3, E30, E32, E7, E71 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
• November 6, 2025

  Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy

  Opening statement Tiff Macklem Senate Standing Committee on Banking, Commerce and the Economy Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 6, 2025

  Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

  On Thursday, November 6, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the Standing Senate Committee on Banking, Commerce and the Economy. He will be accompanied by Senior Deputy Governor Carolyn Rogers.

  Content Type(s): Press, Media advisories